Life Insurance Corporation of India (LIC) has subscribed in full to Adani Ports and Special Economic Zone’s non-convertible debenture (NCD) issue worth 5,000 crore, reflecting the port operator’s ongoing strategy to refinance short-term debt with longer-term, lower-cost borrowings. 

The 15-year bond, which carries a coupon rate of 7.75 percent, was issued on Thursday and represents one of the longest-duration domestic bonds issued by the Adani Group recently, according to an ET report. LIC, which holds an 8.06 percent stake in Adani Ports, was the sole investor in this issue, according to sources familiar with the matter. The funds raised will be deployed for capital expenditure, refinancing existing liabilities, and other general corporate purposes. The Adani Group continues to focus on extending its debt maturity profile while reducing borrowing costs. The group’s average cost of funds dropped to 7.92 percent in fiscal year 2025 from 9.02 percent the previous year, aided by strategic refinancing measures.